Union Budget 2019: Pradhan Mantri Shram -Yogi Maandhan – Penison Plan

While announcing the interim budget of 2019, Piyush Goyal also addressed the stress of unorganized sector workers while announcing a pension plan that will pay Rs 3000 per month after the age of 60.

Pension to Unorganised Sector

Pradhan Mantri Shram Yogi Maandhan aims to provide pension of Rs 3000 per month to the people who basically work in the unorganized sector earning up to Rs 15000 a month. There are around 42 crore people in India who work in the unorganized sector.

Most of such people are manual laborers, small artisans, plumbers, electricians, technicians, and other such workers who don’t work in the organized sector where EPFO, bank account, provident fund, insurance and other such schemes are mandatory.

For this scheme, the people belonging to the sector will have to pay Rs 100 if their age is around 29 at present and Rs 55 if there age is 18 in order to get pension after passing 60 years. Rs 500 crore has already been allocated for the scheme and more will be allotted as per requirement.

Budget 2019; a Relief to those affected by Demonetization

The government has always been claiming about the success of demonetization but indirectly it has recognized the failure of it. Demonetization badly impacted the unorganized sector which mostly depends on cash transaction. With shortage of cash, workers had to return to their home from far places where they worked.

They remained unemployed for a long period until the work resumed which got shut during demonetization. These sectors are mostly related to construction where millions of workers are employed.

This move is thus aimed to provide relief and acknowledge their grief as the election is approaching. Piyush Goyal lauded the works of this sector by saying that 50% of the GDP comes from the sweat and toil of 42 crore workers in unorganized sector.

It is expected that this scheme will benefit 10 crore workers who would benefit from this scheme as they complete 60 years of age. Rs 3000 as supplement will definitely reduce their problems. This scheme will run along with Atal Pension Yojna and other such related schemes.

In the election year, the government is leaving no stone unturned to woo the majority of Indians by touching all sections of the society in Budget 2019, especially the Farmers, Middle Class and now the unorganized sector.